Use the mortgage calculator to calculate the cost of buying a $398k home. Change the numbers to see different options.
This calc can be used for car loans, debt, real estate, home purchase, etc.
Can I afford a 398,000 dollar house? It depends.
In addition to the mortgage payment, a home also has insurance, maintenance, and taxes.
Taxes can vary drastically by area. A very rough estimate is to not spend more than 30% of your income
on housing.
How do I get a mortgage? A simple first step is to talk to a local banker and fill out a mortgage application. Then consider other offers, either local or online.
How much of a down payment should I make? Here's a little chart that shows monthly payments based on down payment for a $398,000 house.
$398,000 Home at 2%
| 0% down | $1,471.09/mo |
| 5% down | $1,397.53/mo |
| 10% down | $1,323.98/mo |
| 15% down | $1,250.42/mo |
| 20% down | $1,176.87/mo |
| 25% down | $1,103.31/mo |
| 30% down | $1,029.76/mo |
| 35% down | $956.21/mo |
| 40% down | $882.65/mo |
| 45% down | $809.10/mo |
| 50% down | $735.54/mo |
$398,000 Home at 4%
| 0% down | $1,900.11/mo |
| 5% down | $1,805.11/mo |
| 10% down | $1,710.10/mo |
| 15% down | $1,615.10/mo |
| 20% down | $1,520.09/mo |
| 25% down | $1,425.08/mo |
| 30% down | $1,330.08/mo |
| 35% down | $1,235.07/mo |
| 40% down | $1,140.07/mo |
| 45% down | $1,045.06/mo |
| 50% down | $950.06/mo |
$398,000 Home at 6%
| 0% down | $2,386.21/mo |
| 5% down | $2,266.90/mo |
| 10% down | $2,147.59/mo |
| 15% down | $2,028.28/mo |
| 20% down | $1,908.97/mo |
| 25% down | $1,789.66/mo |
| 30% down | $1,670.35/mo |
| 35% down | $1,551.04/mo |
| 40% down | $1,431.73/mo |
| 45% down | $1,312.42/mo |
| 50% down | $1,193.11/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.